Title 6 — LOCAL GOVERNMENT GENERALLY
24 chapters · 201 sections in this title.
SDCL § 6-8B-56 Issuance of credit enhancement obligation--Conditions
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The governing body of any municipality or county may authorize the issuance of a credit enhancement obligation upon compliance with the requirements of this section and chapter 1-16A . The governing body shall find and determine that: (1) The credit enhancement obligation will se…
SDCL § 6-8B-57 Debt service reserve fund or credit facility
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If a municipality or county determines that it is not precluded by any applicable law or regulation which may govern the exclusion of interest on the bonds or other obligations from federal income taxation, the terms and conditions applicable to the borrowing by the qualified non…
SDCL § 6-8B-58 Issuance of credit enhancement obligation--Findings and determinations of chapter 1-16A
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Any resolution or ordinance of a municipality or county approving the issuance of a credit enhancement obligation shall require that the health and educational facilities authority make the findings and determinations required by chapter 1-16A with respect to the credit enhanceme…
SDCL § 6-8B-59 Referendum
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Approval of an ordinance or resolution approving a credit enhancement obligation shall be subject to a referendum if five percent of the registered voters, based upon the total number of registered voters at the last preceding general election, petition, within twenty days after …
SDCL § 6-8B-6 Improvement--Authorization of bonds for purchase or construction--Expenditures authorized
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The question of the issuance of bonds for the purchase or the construction of any building, facility, or improvement may be treated and submitted as a single proposition, and the governing body may determine, if bonds are authorized, whether the purchase or the construction there…
SDCL § 6-8B-60 Form of covenants or pledges
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In a resolution setting forth the findings and determinations required by §§ 6-8B-56 to 6-8B-59 , inclusive, a governing body may authorize the issuance of a credit enhancement obligation which may be in the form of one or more of the following covenants or pledges: (1) The gover…
SDCL § 6-8B-61 Agreements with health and educational facilities authority or other financial institution entered into by state entities
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The State of South Dakota and any of its agencies, boards, authorities, departments, and commissions may enter into agreements or other arrangements with the health and educational facilities authority or any financial institution in order to effectuate or implement any pledge or…
SDCL § 6-8B-62 Credit enhancement obligations irrepealable until fully paid
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Upon the issuance and sale of bonds or other obligations secured by a credit enhancement obligation, any pledge or covenant made relating to such bonds or other obligations pursuant to a resolution or ordinance described in § 6-8B-60 and any agreement or other arrangement made pu…
SDCL § 6-8B-63 Determination by governing body on limitations conclusive absent fraud or abuse
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The determination by a governing body that all of the limitations imposed upon the issuance of a credit enhancement obligation have been met is conclusive in the absence of fraud or arbitrary and gross abuse of discretion. Source: SL 1992, ch 3 , § 12.
SDCL § 6-8B-64 Ad valorem taxes--Limit
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Any ad valorem taxes levied pursuant to subdivision 6-8B-60(1) may not exceed the amount of the anticipated deficiency by more than five percent, but may not be subject to any other statutory limitation of rate or amount applicable to other taxes levied or collected by the munici…
SDCL § 6-8B-65 Agreements with health and educational facilities authority or other financial institution entered into by municipality or county--Provisions--Interest deemed perfected
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In connection with the authorization and issuance of a credit enhancement obligation, any municipality or county may enter into one or more agreements or other arrangements with the health and educational facilities authority or any financial institution acting as trustee or payi…
SDCL § 6-8B-66 Aggregate indebtedness of municipality or county--Limit--Calculation
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No credit enhancement obligation may cause the aggregate amount of indebtedness of the municipality or county which issues such credit enhancement obligation to exceed the maximum allowable constitutional or statutory provisions, if any, applicable to such municipality or county.…
SDCL § 6-8B-67 Tax or revenue anticipation notes--Limit
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If a municipality or county is required to or reasonably anticipates that it will be required to make payments on or with respect to a credit enhancement obligation, it may issue tax or revenue anticipation notes in the anticipated amounts of such required payments provided that …
SDCL § 6-8B-68 Obligation subject to provisions of §§ 6-8B-9 to 6-8B-22 , inclusive
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A credit enhancement obligation, any agreement related thereto and any anticipation note authorized by § 6-8B-67 shall be authorized, issued and sold as provided in, and shall be subject to the provisions of §§ 6-8B-9 to 6-8B-22 , inclusive. Source: SL 1992, ch 3 , § 17.
SDCL § 6-8B-69 Exemption from registration under chapter 47 - 31B
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Any credit enhancement obligation, any agreement or other arrangement related thereto, and any anticipation note authorized hereunder shall be exempt from registration under chapter 47-31B . Source: SL 1992, ch 3 , § 18; SL 2004, ch 278 , § 57.
SDCL § 6-8B-7 School, street, or utility improvements--Authorization of bonds
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The question of the issuance of bonds for the purchase, construction, or improvements to school buildings, streets, or to any plant and distribution system owned and operated by the public body for the furnishing of utility services may be submitted as a single proposition, witho…
SDCL § 6-8B-8 Issuance of bonds on approval by voters
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If the requisite percentage of the voters cast their vote in favor of a bond issue, the governing body without further act may issue bonds to the amount voted for and sell and negotiate the same. Source: SL 1984, ch 43 , § 8.
SDCL § 6-8B-9 Issuance, form, and terms of bonds
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Bonds may be issued in one or more series, may bear the date or dates and mature at the time or times and in the amounts as the governing body may provide, except that no bond may mature more than fifty years from the date of its issue. The bonds may bear interest at the rate or …